The Complainant Sri Abhijit Maharana is physically present.

Today was fixed for further hearing on the matter of admission. 

Accordingly, we heard the complaint at length.  

We have gone through the complaint petition as well as Annexures.   In brief, the fact of the complaint  is that the Complainant purchased a Life Term Insurance Policy from Bajaj Allianz Life Insurance Company Ltd. via its broker Policybazar Insurance Brokers Private Limited (www.policybazar) on 9th of April, 2020 at a quarterly premium of Rs.4,360/- for a sum insured of rupees one crore. As per the advertisement of the Policybazar Insurance Brokers Private Limited on its portal policy should be issued within 18 days. But after frequent reminder and follow-ups also they did not scheduled the pre-policy medical test on time. Finally the medical test of complainant took place on 20th June, 2020. But till the mid of July, 2020 the policy was not processed and in-between Bajaj Allianz Life Insurance Company Ltd revised its premium & rules for the same term insurance policy. Based on the revised eligibility conditions complainant was asked to submit increased income proof of Rs.7.5 Lakhs / Annum instead of Rs.5 Lakhs / Annum to process the policy on which the complainant opposed and informed in writing that revised conditions are not applicable to complainant as policy was applied while old conditions were applicable. Then after long follow-ups Bajaj Allianz Life Insurance Company Ltd. removed this demand and asked to pay increased premium amount as per the current increased age of the applicant. But the complainant opposed to this unfair & unethical demand of Bajaj Allianz Life Insurance Company Ltd. as the delay in processing of policy was from the Bajaj Allianz Life Insurance Company Ltd. side not from the complainant side. So why the complainant should bear the financial loss for the inability of Bajaj Allianz Life Insurance Company Ltd. to process the policy on time. 

All the efforts of the Complainant went on in-vain and the O.P. i.e. Bajaj Allianz Life Insurance Company Ltd. informed that policy is 'canceled.'

Thereafter also the Complainant made correspondence and the O.P. asked the Complainant to wait 15 days till they provide the resolution. But thereafter ignoring all commitment, Bajaj Allianz Life Insurance Company Ltd. had canceled the application on 06/07/2020. 

Hence, the Complainant filed this complaint against the O.Ps. seeking relief of passing necessary order as well as for compensation. 

At the time of hearing, we have discussed the decision of Radhika Saini Versus LIC of India decided on 29/08/2018 by the National Consumer Disputes Redressal Commission, New Delhi which is reported in 2019(2)CLT page-17.

We have also discussed the decision of the Appex Court, LIC Versus Raja Vasireddy Komallavalli Kamba and others, 1984 AIR 1014 from the above decisions we found that it is settled law that “If the policy document is not received by the Insurer, the contract of Insurance is not complete. The contract of Insurance was not concluded and it was under the stage of negotiation. It is further settled that if the guideline / provisions of the circular are not followed by the Insurance Company, it is IRDA which is empowered to take action against the Insurance Company and the Complaint may be filed with the IRDA. 

In view of the decisions laid down by the Hon'ble Supreme Court as well as National Consumer Disputes Redressal Commission, we find there is no cause of action to admit the complaint. 

Hence, the complaint is rejected.